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2017-107
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2017-107
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Last modified
11/9/2017 4:51:21 PM
Creation date
8/18/2017 9:24:53 AM
Metadata
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Template:
Official Documents
Official Document Type
Agreement
Approved Date
08/15/2017
Control Number
2017-107
Agenda Item Number
8.L.
Entity Name
Lockwood Lane Acquisition Group (Development Group)
Subject
Right of Way Purchase
Area
27th Avenue and 17 Street SW
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5. Default. <br /> 5.1 In the event the County shall fail to perform any of its obligations hereunder, <br /> Lockwood shall have the right to seek specific performance. In such event, the prevailing <br /> party shall be entitled to attorney's fees and costs, including on appeal. This paragraph <br /> shall survive closing. <br /> 5.2 In the event Lockwood shall fail to perform any of its obligations hereunder, the <br /> County shall, at its sole option, be entitled to: (i)terminate this Agreement by written notice <br /> delivered to Lockwood at or prior to the Closing Date and thereupon neither the County <br /> nor any other person or party shall have any claim for specific performance, damages or <br /> otherwise against Lockwood; or(ii) obtain specific performance of the terms and conditions <br /> hereof; or (iii) waive Lockwood's default and proceed to Closing. <br /> 6. Closing. <br /> 6.1 The closing of the transaction contemplated herein ("Closing" and "Closing Date") <br /> shall take place within 30 days following the execution of the contract by the Chairman of <br /> the Board of County Commissioners. With the written consent of Lockwood,the County or <br /> its agent shall be responsible for obtaining any partial releases or satisfactions of <br /> encumbrances on the Property. The closing date shall automatically be extended by a <br /> period of 30 days if the delay in closing is attributable to obtaining partial satisfaction and <br />;. . . release of mortgage(s) encumbering the Property so long as the County is acting in good <br /> faith with the holder of the encumbrance to partially release or satisfy the encumbrance. <br /> The partiesagree that the Closing shall be as follows: <br /> (a) Lockwood shall execute and deliver to the County a Warranty deed conveying <br /> marketable title to the Property, free and clear of all liens and encumbrances and in the <br /> condition required by paragraph 3. <br /> (b) Lockwood shall have removed all of its personal property and equipment from the <br /> Property and Lockwood shall deliver possession of the Property to County vacant and in <br /> the same or better condition that existed at the Effective Date hereof. <br /> (c) If Lockwood is a non-resident alien or foreign entity, it shall deliver to the County an <br /> affidavit, in a form acceptable to the County, certifying that Lockwood and any interest <br /> holders are not subject to tax under the Foreign Investment and Real Property Tax Act of <br /> 1980. <br /> (d) Lockwood and the County shall each deliver to the other such other documents or <br /> instruments as may reasonably be required to close this transaction. <br /> 6.2 Taxes. All taxes and special assessments which are a lien upon the property on or <br /> prior to the Closing Date (except current taxes which are not yet due and payable) shall be <br /> paid by Lockwood. <br /> 3 <br />
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